An Entrepreneur’s Guide to Starting a Business in Singapore

Recognised as a global business centre with a business-friendly environment, Singapore becomes one of the most attractive countries to start a business. Strong investment and trade make the city-state the most competitive Asian nation.

Over the years, an increasing number of foreign investors and entrepreneurs open their business in Singapore. While registering a business in the country is generally straightforward, entrepreneurs do need to consider several factors before opening a business in the country. From registering a business in Singapore to getting assistance from government agencies, here is what you need to know about setting up a business in Singapore.

Why Start a Business In Singapore?

Singapore is the ideal location to start a business. Apart from business-friendly policies and attractive corporate tax rate, foreign entrepreneurs who wish to establish their legal presence and international companies intending to open a branch in the country can benefit from the following:

• The country’s network of over fifty comprehensive DTA or Double Taxation Avoidance agreements.
• The country’s Investment Guarantee Agreements and various free trade agreements
• Protection for entrepreneurs’ innovations and ideas through the government’s stringent enforcement of intellectual property regulations

Registering a Business In Singapore

Entrepreneurs can register a new business in the country by following the key steps below:

• Register the business: Registering a business in Singapore is the first step to starting a business in the country. Every aspect of the business, including the company name and the Board of Directors’ details, have to be registered with the Accounting and Corporate Regulatory Authority of Singapore or ACRA before commencing any operation or hiring employees.
• Obtain the necessary permits: Once the business owners successfully register their company, they can start applying for all required permits to start their business. They need to research the details and requirements of the permits which are relevant to their business. Business owners can head over to Enterprise One’s website, one of Singapore government’s online branches that help entrepreneurs figure out the way to start a business in the country.
• Finding premises to set up an office: Finding the right location to operate a business is crucial for its survival. Fortunately, Singapore offers a plethora of premises options for businesses, whether it is located in a suburban estate or the heart of the city. The government has invested in various large business parks across the country, which can serve as the perfect place for a business debut.
• Recruit manpower: Singapore attracts investors and businesses with its well-trained local and international workforce. By initiating a jobs bank, the WDA, or Workforce Development Agency, makes it easy for a start-up business to look for and recruit workers. Business owners also need to get familiar with their obligations as a Singaporean employer, as stated by the Employment Act, which covers the employees’ salary.
• File relevant taxes: Companies are obligated to pay taxes on time. Singapore offers low taxes and other incentives for foreign entrepreneurs. Business owners can hire an expert tax consultant or accounting services provider to make the task more manageable and avoid legal violations.

Government Agencies’ Assistance

Entrepreneurs can contact the following Singapore government agencies to help grow their business in the country:

• EDB or Economic Development Board: EDB offers extensive investor support and makes sure the country has a top-rate pro-business climate.
• Enterprise Singapore: This government organisation focuses on enterprise development.
• SMEPortal.sg: Enterprises can visit the Enterprise One portal to get information on how to set up, sustain and scale their businesses. It features how-to guides and links to government services and information.
• ACRA or Accounting and Corporate Regulatory Authority: ACRA oversees the public accountants’ and business entities’ registration and regulations. It also offers essential information on corporate governance practices, compliance requirements, and new business structures.

Seeking Help From Professional Singapore Company Registration Services Provider

Business owners can seek the help of a professional and reliable company registration firm to streamline the process of company registration in Singapore and ensure they start their business on the right track. Some Singapore company registration services also offer other services, including business advisory, corporate secretary, accounting, and payroll services.